By Dave Sims, Commodity News Service Canada
WINNIPEG, December 1 – Canola contracts on the ICE Futures Canada platform were lower at 10:41 CST on Friday, in sympathy with Chicago Board of Trade soyoil.
The Canadian dollar was slightly higher relative to its US counterpart, which made canola less desirable from an out-of-country viewpoint.
Losses in European rapeseed futures added to the pressure.
Traders will likely be hesitant to push prices too far one way or the other ahead of Tuesday’s crop estimate from Statistics Canada, an analyst said.
However, CBOT soybeans and Malaysian palm oil were stronger, which supported the canola market.
Prices have been holding up in a consolidation pattern, according to a report.
The market looks vulnerable to technical selling, an analyst said.
About 14,000 canola contracts had traded as of 10:41 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:41 CST:
